Processa Pharmaceuticals (NASDAQ:PCSA) Price Target Cut to $6.00

Processa Pharmaceuticals (NASDAQ:PCSA) had its price objective cut by investment analysts at HC Wainwright from $8.00 to $6.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 297.35% from the stock’s previous close.

Processa Pharmaceuticals Stock Performance

Shares of NASDAQ:PCSA opened at $1.51 on Monday. The business’s fifty day moving average price is $1.76 and its two-hundred day moving average price is $2.00. The stock has a market cap of $4.32 million, a PE ratio of -0.31 and a beta of 0.60. Processa Pharmaceuticals has a one year low of $1.30 and a one year high of $18.00.

Institutional Trading of Processa Pharmaceuticals

An institutional investor recently bought a new position in Processa Pharmaceuticals stock. Spinnaker Trust purchased a new position in shares of Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 76,865 shares of the company’s stock, valued at approximately $26,000. Spinnaker Trust owned approximately 6.25% of Processa Pharmaceuticals at the end of the most recent reporting period. 91.93% of the stock is owned by hedge funds and other institutional investors.

Processa Pharmaceuticals Company Profile

Processa Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, develops chemotherapy drugs to improve the safety and efficacy of cancer treatment. Its drugs are modifications of existing FDA-approved oncology drugs resulting in an alteration of the metabolism and/or distribution of drugs while maintaining the existing mechanisms of killing the cancer cells.